You are here

Rise in UK bank tax may push HSBC, StanChart to shift home to Asia

London has been home to Standard Chartered since it was formed in 1969 and its most likely new home would be Singapore, from where most of its businesses are already run.

PHOTO: REUTERS

HSBC, which calls the levy a tax on staying in London, faces a bill of US$1.5 billion this year, about 7 per cent of expected profits. Sources say the complexity of all issues in the mix make a decision on moving out of London difficult.

PHOTO: AFP

London

HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on